(a) The board may direct, govern, operate, support, maintain, manage, and control the system.
(b) The board may:
(1) erect, equip, maintain, and repair system buildings;
(2) purchase libraries, furniture, equipment, fuel, and supplies necessary to operate the system;
(3) employ and discharge personnel, including faculty, to carry out the board’s powers and duties;
(4) adopt rules and policies for the administration of the board’s powers and duties;
(5) in accordance with the rules of the Texas Higher Education Coordinating Board, prescribe for each component institution programs and courses leading to customary degrees as are offered at outstanding American universities and award those degrees, including baccalaureate, master’s, and doctoral degrees and their equivalents;
(6) establish admission standards for each component institution;
(7) perform other acts that contribute to the development of the system or to the welfare of students of component institutions; and
(8) delegate a power or assign a duty of the board to an officer, employee, or committee designated by the board.